Lake View condo sales down sharply in first half of year

Prudential Rubloff’s Eric Rojas sent along the following market update for the Lake View / Lakeview neighborhood, where he’s hosting an open house this Saturday, July 9, from 11 to 1 pm at 3127 N Clifton. The home, which I toured with Eric in the above video, is priced at $424,900 after a recent reduction.

Lakeview is one of our most popular and requested home buying markets. It is a common landing place for many new arrivals to Chicago. It also has an abundant choice of diverse condo stock across a fairly large area. Lakeview indeed can also get you a fantastic lake view.

Here’s an overview of two and three bedrooms condo sales for the first half of 2011. When looking at individual properties for a client we consider many more tangible and nuanced considerations when pricing a home sale listing or finding a value to purchase.

First six months of 2011:

* Two bedrooms condos closed on our MLS were down -24%. In the first half of 2011, 265 two bedrooms condos in Lakeview closed from January 3rd to June 30th with a median price of $302,000. In 2010 349 two bedrooms condos closed with a median price about $340,000.

* Three bedrooms condos sales looked a little better in first half of 2011, down -17% while the median price held steady. 141 three bedrooms condos sold in the first half of 2011 with a median price of about $465,000. In 2010 over the same period, 171 three bedrooms condos closed with a median of $475,000

Interesting stats for 2011:

*36 of the 265 (14%) closed two bedrooms condos were distressed properties (short sales or bank owned). 13 of 141 (9%) closed three bedrooms condos were distressed properties. The lower end price range continues to lead in distressed properties as a percentage of sales.

*The highest two bedroom condo closing was $675,000 at 858 W Diversey (a new construction 6 unit center entrance walk-up). The highest closed three bedrooms condo was $1,160,000 at 508 W Melrose (a luxury boutique 22 unit elevator building near the lake). Neither unit was on the lakefront.

It’s interesting to note that the percentage of distressed sales in Lake View is well below what’s being experienced in many Chicago neighborhoods.

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